Toomey drafts bill to exempt stablecoins from securities regulations
The Stablecoin TRUST Act proposed the digital assets be identified as “payment stablecoins” which are exempt from many securities regulations. Republican Senator Pat Toomey, the ranking member for the Senate Banking Committee, has drafted a bill proposing a regulatory framework for stablecoins in the United States.According to a draft released Wednesday, the ‘Stablecoin Transparency of Reserves and Uniform Safe Transactions Act’, otherwise known as the Stablecoin TRUST Act, proposed the digital assets be identified as “payment stablecoins” — a convertible virtual currency used as a medium....
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The U.S. continues to be a global leader in regulating and embracing the cryptocurrency industry, but the Stablecoin TRUST Act may set up some barriers for newcomers. The United States continues to be a global leader in embracing the cryptocurrency industry thanks to the work of Sen. Patrick Toomey, with the White House being at the forefront of crypto regulation. Last year, President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill — and it included some new legislation that would impact the crypto sector. And more recently, the U.S. president announced a....
The unresolved issues in the bill reportedly included provisions on custodial wallets from the Treasury Department, and concerns from the Securities and Exchange Commission. Lawmakers in the United States House of Representatives have reportedly pushed back the timeline for considering a bill addressing the potential risks of stablecoins.According to a Monday report from the Wall Street Journal, people familiar with the matter said House members will likely delay voting on a stablecoin bill until September after being unable to complete a draft in time for a Wednesday committee meeting.....
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This Week Infrastructure bill passes US Senate without clarification on cryptoOn Tuesday, the controversial infrastructure bill passed in the U.S. senate In a 69-30 vote.The bipartisan bill proposes roughly $1 trillion of funding into transportation and electricity infrastructure projects. The bill also puts forward more....
Senators Toomey and Lummis held a press conference today focusing on a proposed amendment to a bill they fear could stifle Bitcoin.
“Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act," said Senator Pat Toomey. Pennsylvania Senator Pat Toomey, one of the ranking members of the Senate Banking Committee, has suggested Congress step in with legislation should the Securities and Exchange Commission (SEC) be unable to provide sufficient guidance on cryptocurrencies.In a Friday announcement from the Senate Banking Committee, Toomey said he was dissatisfied with the answers SEC chair Gary Gensler had provided on the differences between securities and....